During 2009, the Government of India felt a need to change the symbol of INR and therefore announced a nation-wide contest on 5th Mar 2009, inviting designs from the Indian residents for the Indian currency. While presenting the 2010 Budget, the then Finance Minister, Pranab Mukherjee announced.
The symbol is a combination of the Devanagari letter र and a combination of the letter of Latin letter R, without its vertical line. The symbol has two horizontal lines at the top . These parallel signs are separated by a white space between them. These are inspired by the tri colours present in the national flag.
During July 2010, the Government announced that the new symbol would be incorporated within India, by six months and within global countries by 18 to 24 months a year. Technological solutions like Web Rupee have been introduced in the recent past, to facilitate the usage of the new Indian currency symbol on the web.
The design for the Indian Rupee was announced to the public by the Government on 15th July 2010. The proud owner of the design was D. Udaya Kumar. An open completion was announced to the residents of India for designing the currency symbol and Udaya Kumar’s design emerged winner in the same. The sign that Udaya Kumar introduced is ₹ and this has replaced the Rs. or Re. notations that were used earlier. Earlier, while denoting the rupee symbol in any regional Indian language, then an abbreviation in the respective language was used. The new symbol is specific only to the Indian National Rupee (INR). All other countries that have Rupee as their currency like Sri Lanka, Pakistan and Nepal are still using the symbol that they have been using all these years.
The new symbol is a combination of the Devanagari letter र (denoting “ra”) and the capital letter R with two horizontal lines at the top.